Since 2015, foreign buyers have played a key role in the Cyprus residential property market. Demand is particularly high in the seaside area of Paphos, where 83% of property sales were made by foreigners. In 2015, 75.86% of transactions in Paphos were concluded with non-EU citizens, 6.87% with EU citizens, and only 17% of purchases were made by locals. In 2016, this trend continued, with the share of foreign transactions amounting to 80.94%, of which 72.11% were non-EU and 8.83% were EU citizens.
It is worth noting that the data does not include properties acquired by foreign companies, which may mean that the actual share of foreign ownership may be even higher.
Between January 2015 and December 2024, 101,911 sales and purchase agreements were concluded in Cyprus, of which 62,935 transactions were completed. In addition, 3,846 out of 12,110 real estate assignment agreements were executed during the same period. These figures demonstrate the significant volume of transactions over the past decade.
Despite active purchases by foreign investors, the bulk of property values remain in the hands of Cypriots. According to 2021 estimates, 96.73% of the total property value is owned by locals. However, recent foreign investment has focused on premium properties, mainly in tourist and coastal areas.
Data by region show significant differences in the share of foreign ownership:
- Pathos: 8.14%
- Larnaca : 6.18%
- Famagusta : 5.85%
- Limassol : 3.90%
- Nicosia: 1.5%
These figures confirm that foreign investment is concentrated mainly in coastal regions, which are most attractive to international investors.
The growing share of foreign buyers in the Cyprus residential property sector, particularly in the high-end segment, continues to change the market. This raises questions about the affordability of property for locals and the long-term impact on the value of residential properties in the country.
